Gold industry India in the cusp of transformation!
Recently Somasundaram PR, Managing Director, India-World Gold Council said on the mandatory hallmarking notification. He said, “The gold industry in India is at the cusp of transformation, as transparency, standards and infrastructure begin to define the next phase of reforms.”
Earlier, the Union Minister of Consumer Affairs, Food and Public Distribution held a press conference & said regarding mandatory hallmarking of Gold jewelry & artefacts in India for which notification will be issued by the Department of Consumer Affairs providing a period of one year for implementation i.e. till January, 2021.
According to the ongoing government, the purpose of making hallmarking mandatory for Gold Jewelry and Artefacts is to ensure that consumers are not cheated while buying gold ornaments and get the purity as marked on the ornaments, they are better informed about the purity of Gold which will now be in only 3 caratage i.e. 14, 18 and 22 and corruption is removed.
In the context, Somasundaram PR said, “Making hallmarking mandatory is a much-awaited progressive step to safeguard the interests of the consumers, particularly women, who put their hard-earned savings into this asset class. This reform, backed by a tight enforcement mechanism, will underpin trust and a change of perception about Indian gold jewellery, creating a favourable environment to market our famed handcrafting skills appropriately.
Employment potential in assaying and hallmarking will increase. Hallmarking will also create a level playing field, benefitting small players. The transition time of one year will allow the industry enough time to sell the existing inventory while simultaneously, working on plugging any gap in infrastructure or making suitable changes in logistics.
To make this a smooth success, government and the industry players should also create a strong consumer pull, through consumer awareness campaigns.”
The government of India is making hallmarking mandatory for Gold Jewelry and Artefacts on the back of 892 Assaying and Hallmarking centres spread in 234 District locations across the country.
